Need to encourage Austrian SME sector, Union Minister
12 Dec '07
3 min read
Shri Kamal Nath, Union Minister of Commerce and Industry, has expressed satisfaction over the outcome of the signing of Agreement on S&T cooperation between India and Austria on 30th November, 2007 as a follow up to the deliberations in the Joint Economic Cooperation (JEC) held in New Delhi further to the Agreement on Infrastructure Cooperation in the health sector that was signed earlier.
The Indian side is very active on drafting Memorandum of Undertaking for Cooperation in all the areas of Agricultural Sector for proposing the same to Austrian side as agreed to in the JEC on 11th April, 2007, Shri Kamal Nath informed during the bilateral discussion with Mr. Martin Bartenstein, Austrian Federal Minister for Commerce and Labour. Senior officials from both the countries including Presidents of CII and FICCI were also present on the occasion.
Commending the Austrian support to the proposed India-EU broad based Bilateral Trade and Investment Agreement, Shri Kamal Nath hoped that both India and EU both stand to gain significantly by entering into this bilateral Agreement in view of strong complementarities between the economies on the two sides which would create a positive environment for this Agreement.
Providing details of the liberal foreign direct investment (FDI) regime in sectors like core-infrastructure, manufacturing and energy etc, where except for a small list of activities, FDI upto 100% is permitted in all sectors without the requirement of prior government approval, Shri Kamal Nath informed that India is ranked among the most attractive destination for investment.
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